KARACHI: Pakistan Telecommunication Company Ltd (PTCL) recorded a consolidated profit after tax (PAT) of Rs3.27 billion for the year ended Dec 31, 2020. The earnings showed growth of 38pc over PAT at Rs2.38bn the previous year. The company’s group revenue was maintained at Rs129bn.

The company said in a statement that the revenue “if normalised for the impact of Covid-19 and certain regulatory changes, would be 5.2pc higher than 2019 on a like-for-like basis.”

MCB Bank profit jumps 23pc

MCB Bank Ltd reported consolidated PAT at Rs29.4bn and earnings per share (EPS) at Rs24.82 for the year ended Dec 31, 2020. It represented increase of 23pc from Rs23.9bn and EPS at Rs20.14 in 2019. The board announced a cash dividend of Rs15 per share. The final pay-out is in addition to interim dividend already paid at Rs5 per share.

Cherat declares cash dividend

Cherat Cement Ltd announced 1HFY21 PAT at Rs1.13bn and EPS at Rs5.81 along with cash dividend at Re1 per share. For the comparable period of 1HFY20, the company had posted loss of Rs560bn and loss per share of Rs2.88.

Telenor awarded Rs1.37bn contract

The Universal Service Fund (USF) on Wednesday awarded Rs1.37 billion contract to Telenor for providing high-speed mobile broadband services in Chitral, Upper Dir and Lower Dir districts of Khyber Pakhtunkhwa.USF Chief Executive Haaris Mahmood Chaudhary and Telenor CEO Irfan Wahab Khan signed the contract.

Safepay raises seed funding

Safepay, a local startup providing online payment solutions to businesses, has raised seed funding from leading global online payments company Stripe alongside other investors in a seven-figure seed round, said a press release.

Manufacturers payment initiative launched

Four major international industry associations have joined the initiative on Manufacturers Payment and Delivery Terms, which marks a joint global effort led by manufacturers to establish a common position on payment and delivery conditions in the industry.

The Indonesian Textile Association, Turkish Clothing Manufacturers Association, Istanbul Ready-Made Garments Exporters’ Association and the Moroccan Association of Textile & Clothing Industries are joining the new initiative of STAR Network, supported by GIZ FABRIC, the International Apparel Federation and the Better Buying Institute, presented their plans at the OECD Forum on Due Diligence in the Garment and Footwear Sector on Feb 3.

Published in Dawn, February 11th, 2021